Vietnamese Scrap imports rise further in February

HANOI (Scrap Register): The scrap imports by Vietnam was seen to be flourished during February, according to the data released by Vietnamese Ministry of Finance. The increasing momentum for the imports was seen in the second straight month this year, which has recorder important increase during January this year.

Vietnam has imported 0.36 million tons of scrap during February, an increase of 22.9 percent when compared to 0.29 million tons in January.

The first two months of cumulative scrap imports by Vietnam totaled 0.6525 million tons, which is 74 percent higher than the same period in 2016. The total annual scrap imports are expected to surpass 3.9 million tons in 2017.

The Vietnamese scrap import market is expected to change at current levels. In the coming months the scrap inventories are likely to limit purchases.

The buying interest has not witnessed uptick, despite prices remaining at similar levels from previous week. Many Vietnamese mills are believed to have procured sufficient scrap to support production until May this year.